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Dual Residency and Double Taxation Dilemma for Remote Workers
2020 brought into focus residency rules for remote workers, who ended up staying in “temporary” locations, like vacation homes, for longer than expected. The following article provides an analysis of situations where individuals may become residents of two states simultaneously and potentially subject to dual taxation. For more information click here.
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The Overlooked and Misunderstood
We are often asked for a list of tax ‘Do’s and Don’ts’ to help ensure that no tax planning opportunities nor implications are missed. In response, we have comprised a summary of items that are commonly overlooked or misunderstood when considering the various aspects of managing family wealth from a tax perspective. While the…
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Dual Residency and Double Taxation Dilemma for Remote Workers
2020 brought into focus residency rules for remote workers, who ended up staying in “temporary” locations, like vacation homes, for longer than expected. The following article provides an analysis of situations where individuals may become residents of two states simultaneously and potentially subject to dual taxation. For more information click here.
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Form 1095-A: Incorrect Data Sent for Computing Premium Tax Credit to 800,000 Taxpayers
The U.S. government’s Centers for Medicare and Medicaid Services (CMS) has announced that it sent incorrect data on Form 1095-A to approximately 800,000 taxpayers who purchased Federally-facilitated Marketplace health care coverage under the Affordable Care Act in 2014. Form 1095-A is the form that provides data for individuals to compute the Code Sec. 36B premium…
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Renting Your Vacation Home
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Tax Credit for Summer Camps and Other Childcare Expenses
If you work (as an employee or by being self-employed) and you pay for daytime childcare services for your children under the age of 13, you might be eligible for a Federal tax credit. Here is the list of the basic facts: • The credit is calculated on up to $3,000 of qualified unreimbursed expenses…
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IRS Provides an Updated FBAR Reference Guide
The IRS has issued its “Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR),” which summarizes information regarding the new FinCEN Form 114 which must be filed every June 30 by U.S. persons who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the…
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2013 Tax Planning Consideration – Sales Tax
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Charitable Giving – IRAs and Appreciated Property
Charitable giving can be an important tax reduction tool for those who are charitably inclined. As we head into the year-end tax planning time of year, there are two charitable giving strategies that will be important to consider: (1) The special rule under IRC Sec 408(d)(8) which allows taxpayers over 70 ½ to contribute up…
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IRS Guidance for Same-Sex Married Couples
IRS has provided tax guidance for same-sex married couples in light of the June 26, 2013 Supreme Court decision to invalidate a key provision of the 1996 Defense of Marriage Act. Under the IRS ruling, all couples married under state law will now be considered married for federal tax purposes. Starting with 2013 tax year…